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Crude oil prices settled flat but speculators sharply cut long positions

Crude oil prices settled flat but speculators sharply cut long positions

Crude oil trading range for the day is 3162-3236. Crude oil prices settled flat but speculators sharply cut long positions during last week’s rout. The market failed to rebound after Saudi Arabia Minister Khalid al-Falih said the cuts by the OPEC and non-OPEC producers could be extended beyond June. The potential for increased U.S. production continues to build, as weekly rig count data showed an increase of 14 drilling rigs in...
Crude oil continued its recent slide as traders continue to unwind long positions

Crude oil continued its recent slide as traders continue to unwind long positions

Crude oil trading range for the day is 3167-3241. Crude oil continued its recent slide as traders continue to unwind bullish long positions amid doubts about OPECs productions cuts. The International Energy Agency releases its closely watched monthly oil market report on Wednesday. Data from the industry group the American Petroleum Institute on U.S. crude and product stockpiles is also due out later on...
Crude oil prices fell extending the biggest falls this year as record U.S

Crude oil prices fell extending the biggest falls this year as record U.S

Crudeoil trading range for the day is 3146-3484. Crude oil prices fell extending the biggest falls this year as record U.S. crude inventories kept sentiment weak, pointing to a global glut despite supply cuts. U.S. Crude Oil inventories are showing that Shale Oil production is taking the opportunity of a willing cut in production by OPEC. Government data in the U.S. showed a surprising +8.21 million barrels to 528.4 million barrels, the highest in weekly data going back to...
Crude oil fell more than 3% after a report showed U.S. crude inventories rose

Crude oil fell more than 3% after a report showed U.S. crude inventories rose

Crude oil trading range for the day is 3330-3598. Crude oil fell more than 3% after a report showed U.S. crude inventories rose for a ninth straight week. Crude inventories in the United States, surged last week by 8.2 million barrels, handsomely beating the forecast of a 2 million barrel build. Saudi Energy Minister Khalid al-Falih gave mixed messages on future production cuts by the Organization of the Petroleum Exporting...
Crude oil gained as a weaker dollar encouraged buying

Crude oil gained as a weaker dollar encouraged buying

Crude oil trading range for the day is 3501-3595. Crude oil gained as a weaker dollar encouraged buying but investors remained cautious while the as number of U.S. oil rigs rose for the seventh straight week. Russian Energy Minister Alexander Novak said it was too early to say if the deal to reduce oil production would be extended beyond the end of June. Russias February oil output was unchanged from January at 11.11 million barrels per day (bpd), energy ministry data...
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